All Forum Posts by: Adam L.

@Martin Z. 

 @David Bateman 

@Karen Margrave 

@Jim Gramata 

Hey Karen, I agree that I am over my head. Went for a grand slam instead of focusing on base hits.  

I should also ad I do have the building professionally managed. I first had it with a company called Berkson & Sons. The goal was to have the building 50% leased in two years. The building would be break even with 50% leased. This includes all expenses. In September I switched to Foresite Realty. They placed one tenant so far.

http://www.foresiterealty.com/properties/index.asp?id=742

I apologize if it seemed like I was trying to manage the building from Ca. That would be impossible. I am more looking for items I can do on my own to get the building additional exposure.

Personally I feel it is not a pricing issue. Just not that much demand for officemedical space in this area. I have reached out to other owners/leasing agents  in this area and they are all having the same problem. My rent is probably 1/3 of the brand new surgical/medical type facilities. I have tried to network with those leasing agents to refer tenants that come to them but can't afford $30 a year.  The building had 100% occupancy at one time within the past 10-15 years.

I appreciate how everyone took their time to respond with some ideas. I am probably 500K upside-down on the property.  I do not want to sell. Adam  

@Fred Heller 

Hey Fred,

I do have it on loopnet and the other major sites. I think I need boots on the ground more then anything. Was the restaurant called Christie's or Nini's? I live really close to both. Adam

@David H. 

I appreciate the constructive criticism. I do have a large for lease sign in front of the building. The problem with the building is the area plus there is very little foot or car traffic. It's located behind a large mall. I have an accounting firm moving in on March 1st. Hoping that will bring more exposure to the building. The IRS had two floors buy left around 2004. Would be fantastic to get a similar tenant again. Definitely not my best investment but I knew it was going to be tough going into it. Another issue is that I live in California and the building is in Chicago.  

@David H. 

Yah, I have considered it. The demand is not really there and it would cost millions for the build out. Here is the craigslist ad which has gotten no leads in over  2 years

http://chicago.craigslist.org/chc/off/4872463479.html

@David H. 

@David Hoang

Hey David,

It's not going that good. Only have about 20% occupancy. Bleeding about $1,000 a day. Should have stuck with the bread and butter SFR rentals. Commercial office is totally different then I was expecting and is better left to the big boys. Will still give it a couple more years and hopefully things will get better.

located on 76th and Kostner , Close to Midway airport

Hello,

I have a office building located in Chicago. I am having a difficult time placing tenants in the building. I purchased it in 2012 empty with a ton of deferred maintenance. I did a major rehab to the building in hopes to attract new tenants. I currently only have about 15% occupancy and am bleeding money everyday just to keep the building afloat. I do not think it is a pricing issue but more of an exposure issue. The building is set back from the main road so needs to be a destination type of tenant. The location could be better but the population in this area is pretty dense and there are no similar buildings at this price point. I attached my craigslist ad. Any ideas are really appreciated especially from local Chicago investors. Main problem is I am in Ca and this building is in Chicago. thanks Adam

http://chicago.craigslist.org/chc/off/4706479442.html

Hello, Are any members investing around Midway airport? I hear they may extend the Orange Line from Midway airport to Ford City Mall. Is it a good time to maybe purchase a property within walking distance to the new line. I understand it could be many many years before it is built. The line extension should be around 76th/ S Cicero.Thanks Adam

How is the area around Midway airport for rentals?